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Programming languages avoid mainstream DeFi

November 26, 2022 Audrey

Decentralized finance (DeFi) is increasing rapid. Full worth locked, a measure of revenue managed by DeFi protocols, has grown from $10 billion to a very little a lot more than $40 billion in excess of the final two yrs following peaking at $180 billion.

Full worth locked in DeFi as of Nov. 2022. Source: DefiLlama

The elephant in the home? Extra than $10 billion was misplaced to hacks and exploits in 2021 on your own. Feeding that elephant: Today’s intelligent contract programming languages fall short to deliver sufficient characteristics to make and manage assets — also identified as “tokens.” For DeFi to come to be mainstream, programming languages should supply asset-oriented attributes to make DeFi smart agreement improvement much more secure and intuitive.

Present DeFi programming languages have no notion of assets

Solutions that could assistance reduce DeFi’s perennial hacks incorporate auditing code. To an extent, audits operate. Of the 10 greatest DeFi hacks in history (give or consider), nine of the jobs weren’t audited. But throwing additional methods at the problem is like putting extra engines in a car or truck with sq. wheels: it can go a bit faster, but there is a elementary dilemma at perform.

The issue: Programming languages applied for DeFi today, these types of as Solidity, have no concept of what an asset is. Belongings these as tokens and nonfungible tokens (NFTs) exist only as a variable (numbers that can alter) in a good agreement such as with Ethereum’s ERC-20. The protections and validations that define how the variable should really behave, e.g., that it shouldn’t be spent twice, it shouldn’t be drained by an unauthorized person, that transfers really should always equilibrium and internet to zero — all need to be executed by the developer from scratch, for each and every solitary intelligent contract.

Related: Builders could have prevented crypto’s 2022 hacks if they took primary stability measures

As good contracts get extra advanced, so much too are the essential protections and validations. Individuals are human. Mistakes come about. Bugs happen. Revenue receives misplaced.

A circumstance in level: Compound, just one of the most blue-chip of DeFi protocols, was exploited to the tune of $80 million in September 2021. Why? The wise deal contained a “” instead of a “=.”

The knock-on effect

For good contracts to interact with one particular a different, these types of as a user swapping a token with a diverse a person, messages are despatched to each and every of the smart contracts to update their checklist of internal variables.

The end result is a complicated balancing act. Making sure that all interactions with the smart agreement are taken care of appropriately falls totally on the DeFi developer. Considering the fact that there are no innate guardrails crafted into Solidity and the Ethereum Digital Equipment (EVM), DeFi builders need to layout and put into practice all the needed protections and validations by themselves.

Related: Developers have to have to quit crypto hackers or face regulation in

Final Days to Register: 2 Day Interactive Risk-based Computer System Validation Course: Reduce Costs and Avoid 483

October 2, 2022 Audrey

DUBLIN, Sept. 26, 2022 /PRNewswire/ — The “Risk-based Computer System Validation; Reduce Costs and Avoid 483” training has been added to ResearchAndMarkets.com’s offering.

This highly interactive two-day course uses real life examples and explores proven techniques for reducing costs, usually by two-thirds, associated with implementing, and maintaining computer systems in regulated environments.

It details the requirements for Part 11 and Annex 11: SOPs, software product features, infrastructure qualification, and validation.
The instructor addresses the latest computer system industry standards for data security, data transfer, audit trails, electronic records and signatures, software validation, and computer system validation.
Understand the specific requirements associated with local and SaaS/cloud hosting solutions.
Nearly every computerized system used in laboratory, clinical, manufacturing settings and in the quality process has to be validated. Participants learn how to decrease software implementation times and lower costs using a 10-step risk-based approach to computer system validation.
The instructor reviews recent FDA inspection trends and discusses how to streamline document authoring, revision, review, and approval.
Participants will learn how to write a Data Privacy Statement to comply with the EU General Data Protection Regulation (GDPR).
This course benefits anyone that uses computer systems to perform their job functions and is ideal for professionals working in the health care, clinical trial, biopharmaceutical, and medical device sectors. It is essential for software vendors, auditors, and quality staff involved in GxP applications.

Learning Objectives:

Reduce costs, usually by two-thirds, for compliance with electronic records
Learn how to use electronic records and electronic signatures to maximize productivity
Understand what is expected in Part 11 and Annex 11 inspections so you are prepared
Avoid 483 and Warning Letters
Understand the responsibilities and specific duties of your staff including IT and QA
Understand your responsibilities and liabilities when using SaaS/cloud
Learn how to perform risk-based Computer System Validation using fill-in-the-blank templates
How to select resources and manage validation projects
“Right size” change control methods that allows quick and safe system evolution
Minimize validation documentation to reduce costs without increasing regulatory or business risk
Learn how to reduce testing time and write test cases that trace to elements of risk management
Learn how to comply with the requirements for data privacy
Learn how to buy COTS software and qualify vendors
Protect intellectual property and keep electronic records safe

Who will Benefit:

GMP, GCP, GLP, regulatory professionals
QA/QC
IT
Auditors
Managers and directors
Software vendors, SaaS hosting providers

Who Should Attend:

GMP, GCP, GLP, regulatory professionals
QA/QC
IT
Auditors
Managers and directors
Software vendors, SaaS hosting providers

Key Topics Covered:

DAY 01 (9:00 AM – 3:00 PM PDT)

Introduction to the FDA (1 hr)
How the regulations help your company to be successful
Which data and systems are subject to Part 11.
21 CFR Part 11/Annex 11 – Compliance for Electronic Records and Signatures (3:30 hr)
What Part 11 means to you, not just what it says in the regulations
Avoid 483 and Warning Letters
Explore the four primary areas of Part 11

Bill Gates: Funding clean technology is the way to avoid climate disaster | Free to read

November 2, 2021 Audrey

The writer is co-founder of Microsoft, founder of Breakthrough Energy and co-chair of the Bill & Melinda Gates Foundation

Before the last major COP meeting, in Paris in 2015, innovation was barely on the climate agenda. This year in Glasgow it will take centre stage. Shifting the world’s focus to inventing clean technologies was among the greatest successes of the Paris COP. Continuing that trajectory is, perhaps, its biggest opportunity this year, because innovation is the only way the world can cut net greenhouse gas emissions from roughly 51bn tonnes per year to zero by 2050.

There is now significantly more money for basic research and development and more venture capital for clean start-ups in hard-to-decarbonise sectors than ever before. As a result, some important clean technologies — like sustainable aeroplane fuel, green steel and extra-powerful batteries — now exist and are ready to scale up.

If the world is really committed to climate innovation, however, then these breakthroughs must be only the beginning of the story, not the end. At COP26 we need to think about how to turn lab-proven concepts into ubiquitous products that people want and can afford to buy. This will require a massive effort to fund hundreds of commercial demonstration projects of early-stage climate technologies.

It is incredibly challenging for any start-up to commercialise its product, but it is uniquely so for energy companies. When I was starting Microsoft, we didn’t need much infrastructure to write code and, once we’d written it, we could make nearly infinite copies with perfect fidelity for very little money.

Climate-smart technologies are much more difficult to navigate. Once you can make green hydrogen in a lab, you have to prove that it works — safely and reliably — at scale. That means building an enormous physical plant, ironing out engineering, supply chain and distribution issues, repeating them over and over again and steadily cutting costs. Demonstration projects like this are hugely complicated, extremely risky, and extraordinarily expensive — and it’s very hard to finance them.

Climate Capital

Where climate change meets business, markets and politics. Explore the FT’s coverage here.

Are you curious about the FT’s environmental sustainability commitments? Find out more about our science-based targets here

In clean technology, there is yet another complication. When all that complicated, risky, expensive work is finished, you end up with a product that does more or less the same thing as the one it’s intended to replace — green steel has pretty much the same functionality as today’s steel — but costs more, at least for a while.

Naturally, it’s hard to find buyers, which means banks charge more for loans. The high cost of capital, in turn, increases the price of the products. Because financing is so hard to come by, commercial demonstration can be an excruciatingly slow process. Right now, the key to the climate innovation agenda is making it go faster.

I believe we can do this. Hundreds of governments and companies have made net zero commitments, and